# The future arrived. The investment still had to recover.

What did belief in a technological revolution ask an investor to endure?

A technology can change the economy without rewarding every price paid for it. This chapter follows two named funds through the technology boom, the decline and a much longer recovery window. Their starting point is shared; their portfolios and paths are not.

The important comparison is not simply which line finished higher. It is what happened between entry and that endpoint: the depth of the loss, the distance back to the old peak, and the years during which confidence could be tested. The chart records adjusted fund closes, not the decisions or results of every investor.

A story about innovation is not a valuation comparison. This edition has not bound like-for-like historical earnings expectations, concentration or entry multiples. Change the starting date and inspect the recovery window before deciding what, if anything, this episode says about today’s technology enthusiasm.

Interactive evidence: https://marketbackstory.com/read/technology/